OPEC+ Increases Oil Output Quotas by 188,000 Barrels Per Day in August
The OPEC+, a coalition of 13 oil producers including the Organization of the Petroleum Exporting Countries and allies, agreed to increase oil production quotas by 188,000 barrels per day starting in August, the group stated on Sunday. Seven participating nations—Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman—will implement the adjustment by phasing out voluntary supply cuts originally announced in April 2023.
The cartel emphasized that the quota hike aligns with its commitment to global oil market stability and noted it will closely monitor supply conditions. Members explicitly retained full flexibility to increase, pause, or reverse the phase-out of voluntary adjustments, including those initially introduced in November 2023. The Joint Ministerial Monitoring Committee will continue tracking production compliance ahead of the group's next policy meeting on Aug. 2.
From the sources (16 posts)
@firstsquawkOPEC+ tipped to raise quotas again as Middle East calms-ET
@iranintl_enOPEC+ has an agreement in principle to raise oil output quotas by 188,000 barrels per day in August, Reuters reported on Sunday, citing a source familiar with the group’s talks. Two other sources told Reuters an increase of that size was t
@firstsquawkOPEC+ has an agreement in principle to raise oil output quotas by 188,000 barrels per day in August, Reuters reported on Sunday, citing a source familiar with the group’s talks.
@financialjuiceOPEC+ agrees in principle to increase oil output targets by 188,000 bpd from August, OPEC+ source
@businessOPEC+ has a preliminary agreement for another modest oil quota increase in August, delegates said, raising the prospect of more supply eventually hitting the market again if a US-Iran peace pact can stick
@amena__bakrAnother 188k of unwinding of supply for August expected from the OPEC+ members with voluntary cuts #OOTT
@reutersOPEC+ set to approve another oil output increase, sources say
@financialjuiceSeven OPEC+ nations to boost oil output quotas by 188,000 bpd in August: statement
@staunovoSaudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman adjust production and reaffirm commitment to market stability #oott
@staunovoIn their collective commitment to support oil market stability, the seven participating countries decided to implement a production adjustment of 188 thousand barrels per day from the additional voluntary adjustments announced in April 2023
@staunovoThe countries will continue to closely monitor and assess market conditions, and in their continuous efforts to support market stability, they reaffirmed the importance of adopting a cautious approach and retaining full flexibility to incre
@firstsquawk7 countries in OPEC+ decide to increase oil production by 188,000 barrels daily in August
@anasalhajjiHormuz is currently limiting the impact of these decisions by the group of 7 of OPEC+, but their full effects will become visible next year. For now, we’re waiting for Aramco’s OSPs.
@cnbcOPEC+ set to approve another oil output increase, sources say
@jackprandelliOPEC+ just added supply for August, while keeping every reversal option on the table. Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria and Oman will raise output by 188,000 bpd in August, from the April 2023 voluntary cuts tranche
@businessMajor OPEC+ members agreed another modest increase to their collective oil-production quotas for next month, adding to the prospect of more supply eventually hitting the market if a US-Iran peace pact can stick